UPDATE 1-General Growth names 9-member board

Tue Oct 5, 2010 6:30am EDT

* Brookfield Asset management CEO Flatt to be chairman

* CEO of Brookfield Properties to join board

Oct 5 (Reuters) - General Growth Properties Inc (GGP.N), on Tuesday named the nine members of the board of the new company that will emerge from bankruptcy and take the No. 2 U.S. mall owner forward and select its new chief executive and president.

General Growth said Bruce Flatt, chief executive of Brookfield Asset Management (BAMa.TO), will be the chairman upon emergence from bankruptcy in early November.

As expected, Chairman John Bucksman, the former CEO who headed the company as it collapsed under the weight of debt last year, will not be on the board.

General Growth, the bankrupt mall owner and property developer, also said Ric Clark, chief executive of Brookfield Properties BPO.TO, and Cyrus Madon, senior managing partner at Brookfield Asset Management, will join its board.

General Growth's CEO Adam Metz and current lead director Sheli Rosenberg will be part of the board that will also include John Schreiber, president of Centaur Capital Partners and partner at Blackstone Real Estate Advisors.

Other members who will join the board of new GGP include Mary Lou Fiala of International Council of Shopping Centers, David Neithercut, CEO of Equity Residential (EQR.N) and General Growth's current director John Haley.

General Growth filed for protection from its creditors in April 2009, to become the biggest U.S. real-estate bankruptcy.

It plans to emerge from bankruptcy protection in November in the form of two companies.

The exit plan is being bankrolled by an $8.5 billion of commitments from investors led by Brookfield Asset Management and include Pershing Square Capital Management L.P. and fund manager Fairholme Funds Inc. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Vinu Pilakkott) ((ananthalakshmi.as@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: ananthalakshmi.as.reuters.com@reuters.net))